Massachusetts Rebate Checks - SPRINGFIELD, Mass. (WGGB/WSHM) – Massachusetts Governor Charlie Baker made a surprise announcement Thursday about tax refund checks that could soon be going to the state's taxpayers. Maybe more than two and a half billion dollars in tax relief.
Western Mass News spoke with a local economics professor who explained what this potential tax could mean for people in the Baystate.
Massachusetts Rebate Checks
On Thursday, Gov. Charlie Baker announced billions of dollars in potential tax relief for Bay State residents as he signed the state budget.
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Governor Baker said: "We believe this number falls north of $2.5 billion in tax relief for the people of Massachusetts.
State lawmakers are still negotiating the details of a separate $1 billion tax relief package before the final days of the formal session, and Governor Baker's announcement comes after a 20 percent increase in tax revenue.
Western Mass News spoke with a local economics professor who explained that Governor Baker's latest announcement stems from a 1986 law passed by voters.
"Mathematically, it really started because of the amount of money the state collected for wages and salaries, so I don't think they know exactly how much people would get individually or how it would be distributed," John said. Rogers, professor of economics at American International College.
Tax Rebate Checks For Massachusetts Residents Hitting Bank Accounts In November
Professor Rogers said that more information about these possible tax refunds should be available in September, we asked how this year differs from previous years.
"The state is doing very well, the tax revenues are higher, especially the capital gains tax, so the state has a large surplus, about $3.5 billion in surplus," Rogers explained.
Rogers also noted that this potential tax is separate from the $250 stimulus check recently approved by the Massachusetts Senate.
"The state has an extra amount of money that it can use to help its citizens deal with inflationary pressures ... You may be able to recover taxes that you have already paid," Rogers said.
Massachusetts State Tax Guide
Governor Baker's office also mentioned that they are currently looking for ways to get this potential relief money to taxpayers as quickly and efficiently as possible. Last month, the Baker Administration announced that eligible Achusetts taxpayers will receive tax refunds related to their 2021 filing. People should start seeing money by check or direct deposit in November.
Last month, the Baker Administration announced that eligible Achusetts taxpayers would receive tax refunds related to their 2021 returns. For the second time since 1987, the Commonwealth experienced a surplus of nearly 3 billion dollars. Therefore, the 62F. According to the chapter, any money in excess of the allowable income must be returned to the person who filed the report. People should start seeing money by check or direct deposit in November.
In anticipation of the tax benefits, the Office of Consumer Protection and Business Regulation has compiled details on what to expect.
For more information on tax refunds, visit the official press release from the Governor's office: Baker-Polito Administration Releases Details on Returning $2.941 Billion in Excess Tax Revenue to Taxpayers | . You can view the tax return audit here: Determining if Net State Tax Receipts Exceed Authorized State Tax Receipts - FY 2022 | .
Lawmakers Plan $250 'economic Relief Rebates' For Massachusetts Taxpayers
If you have questions about your Chapter 62F refund, you can contact the Helpline at 877-677-9727. The administration has also compiled an FAQ, which is available here: /62frefunds
The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and provides a level playing field for the Achusetts businesses regulated by its agency.
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